Illinois Collected Over $52 Million in Weed Tax

Illinois Collected Over $52 Million in Weed Tax

If you’ve had any doubt as to the success of legal adult use cannabis in Illinois, you won’t after reading this: The money the state has made to this point, has far surpassed all predictions, creating a slew of jobs. Original forecasts indicated the state would collect $28 million in cannabis tax revenue by June 30. Here’s the actual figure from legal cannabis sales to this point: During the first 6 months of 2020, Illinois collected more than $52 million in weed tax.

Illinois collected far exceeded original expectations, according to the Chicago Tribune. The breakdown is about $34.7 million in cannabis excise taxes, and $18 million in sales taxes. Some sales tax revenue will be reinvested into the communities hurt by the war on drugs as part of social equity initiatives.

These latest numbers straight up crush Pritzker’s original forecasts. His previous estimates predicted that Illinois would collect $28 million in cannabis tax revenue by June 30. Literally half of what we actually brought in. And not only that, but Illinois’s cannabis sales were over $47 million in June. This is a new record, as it’s the highest monthly sales figures in Illinois to date.

Want more impressive figures? Get your mind around this: Illinois’s total adult-use cannabis sales have topped $239 million since sales launched January 1st of this year.

So what’s next?

It’s pretty clear at this point that there’s no stopping the weed train. It’s gotten so big in Illinois that we now have sponsored competitions. Sales and tax revenue are only going to continue to exceed expectations, in turn giving the economy a much needed boost. And not only is legal cannabis boosting the economy, it’s creating a whole new career path for so many job seekers. According to the Marijuana Business Daily, US cannabis employment to surpass computer programming in 2020.

All of this is fantastic news, especially in these difficult times. It’s only going to build the case for further legalization, eventually on a federal level. It’s the light we need at the end of the tunnel, right now. Stay tuned.